Hyderabad: Telangana Real Estate Regulatory Authority (RERA) fined Paradise Peak Pvt. Ltd. in a case filed by advocate Macharla Santosh for violating the Real Estate (Regulation and Development) Act, 2016. The complainant alleged that the developer sold 550 plots in a 50-acre project in Zahirabad without the mandatory RERA registration.
While he was going through the legal documents for his client, Santosh Fund found that the project lacked RERA registration, thus exposing the buyers to legal risk. He also cited arbitration disputes between developers and landowners.
The authority dismissed the complaint and ruled that the complainant was not an “aggrieved person” under the Act, holding that the developer had sold the land without registration and did not insure it, which is also mandatory, in violation.
RERA has directed the developer to register the project within 15 days with a fine of Rs 11 lakh 49 thousand 210. During such time the developer is prohibited from advertising, marketing or selling plots. Failure to comply will result in additional penalties under the Act.